According to a survey report by Salesforce, on how business in Asia view innovation, Japan, Korea and China are the top three Asian counties driving the innovation trajectory globally. The report ‘Innovation: All Eyes on Asia’ gathered responses from key business and IT decision makers across eight countries in Aisa. According to 77% of the respondents, Asia is being viewed as the region that is leading innovation currently, with US at a close second at 64%. And 81% believe that Asia will lead this trend for the next five years.
The report states that Asian companies are likely to invest in innovation to boost customer retention. 70% said that customer retention is the key priority for the next 12-24 months and Asian businesses prioritize innovation that empowers tham to do so. On the other hand over 53% believe that they are likely to adopt new innovation to achieve the goal.
According to the survey, 93% of organizations in India, 88% in Singapore, 88% in Philippines, and 82% in Malaysia are more likely to invest in technology to boost customer retention. Of these countries, 62% view technology as a valuable tool in accelerating productivity and 38% view technology as a means for providing better customer support.
“This research shines a spotlight on the innovation landscape in Asia and reaffirms our vision for customer-centricity. The mobile-first culture of immediacy has its roots here in Asia and shapes the new business imperative for Asian companies,” said Robert Wickham, Regional Vice President, Innovation & Digital Transformation, APAC, Salesforce.
“The appetite for artificial intelligence by Asian companies is continuing to grow. The Fourth Industrial Revolution is upon us, and companies that harness the predictive prowess of A.I. are well-placed to address challenges in this dynamic region.”
How Asian countries rank tech investments
83% respondents feel that Enterprise Apps, and 82% feel that Cloud Computing and 80% feel Customer Relationship Management are the top three strategic investment priorities for Asian businesses. Interestingly, 78% say that if they are presented with capabilities of a CRM platform powered by artificial intelligence, they are likely to adopt.
84% in Singapore businesses find the concept appealing and 76% feel the technology is relevant, however, only 68% are likely to adopt AI in CRM. On the other hand 90% in India are okay to adopt CRM powered by AI, 83% in Indonesia, 85% in Vietnam, 84% in Philippines, and 84% in Thailand are most likely to adopt (90%) while Hong Kong is less convinced about the tech with 63%.
How culture impacts innovation
77% agree that innovation has transformed their company operations favorably, with 80% of this group prioritizing innovation within their organization in the next 12 to 24 months. Hence, the report states that the positive impact of a culture that empowers employees to be innovative is evident.
According to the report, This group of Asian companies are more likely to invest in technology regardless of economic outlook and 79% said they will increase their technology spend even in an underperforming economy, whereas 84% of them view technology as a long term revenue driver.
India and the future of innovative tech adoption
The report claims that India continues to lead innovation, as 71% (highest majority) of respondents hailing from India perceive their home country as innovative. 53% respondents coming from India across all surveyed markets believe their companies to be innovative. And when it comes to customer retention technologies, 93% respondents state that India is the most eager market to adopt such technologies.
One in three Asian companies believe that future innovation will be driven by public-private partnerships. Having said that, the report claims that the three key roadblocks that are holding Asian companies back from adoption innovation are costs, complexity of technology and lack of talent.